SERF to invest Rs650mn in Kilowatt Labs Technologies Limited

September 27, 2021 (MLN): The shareholders of Service Fabric Limited (SERF) in an extraordinary general meeting held on September 25, 2021, have approved the investment of Rs650million in Kilowatt Labs Technologies Limited for the setup of the super capacitor project.

During the meeting, it was also resolved that approval is hereby accorded regarding the purchase of land from Ghani Chemical Industries Limited (GCIL) for setting up of the calcium carbide project in Hattar Economic Zone.

The shareholders also approved the investment of Rs400mn in the share capital of Ghani Chemical Industries Limited.

In addition, it was also resolved that approval is hereby accorded regarding the purchase of land from FIEDMC (Faisalabad Industrial Economic Development Zone), for super Capacitor Project.

The shareholders further resolved that approval is hereby accorded regarding Voting Trust Agreement to be executed between Service Fabrics Limited, Ghani Global Holdings Limited (associated company/GGL), and Digital Custodian Company Limited, under section 208 of the Companies Act, 2017 and supersedes ordinary resolution in this regard passed on May 29, 2021.

Furthermore, the company’s shareholders further resolved Chief Executive Officer and Company Secretary of the Company be and are hereby singly empowered and authorized to take all steps and actions necessary, incidental and ancillary as may be required in this regard and to do all acts, matters, and things as may be necessary or expedient for the purpose of implementation of the above-said Resolutions.

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